Sales In MTN, Banking Stocks Drag NGX Lower

Stock Exchange Closes Trading Week With N30bn Gain

On Tuesday, the Nigerian Exchange’s stocks section witnessed sell pressures, leading in a pause in the recent uptrend. As a result, the year-to-date return has moderated, while key performance measures have declined.

As a result of resumed negative activity following successive rallies, the local market ended Tuesday’s trading session with more losers (16) than gainers (12). As a result, the local bourse’s year-to-date gain fell to 14.37%, falling short of the local economy’s typical inflation rate in 2022.

According to data from the Nigerian Exchange, the All-Share index fell 45.54 basis points, or 0.09%, to settle at 48,853.54 points at the end of the trading day.

Market capitalization fell by 24.80 billion to 26.609.21 trillion from 26.634.01 trillion yesterday, owing to selloffs in MTN Nigeria, banking, and industrial companies.

However, market activity was uneven, with total volume traded for the day falling by -31.11% while total value moved increased by +53.94%. Atlass Portfolios stockbroker stated in a market note that roughly 162.98 million units valued at $3,874.70 million were moved in 3,286 transactions.

STERLNBANK was the most traded stock by volume, accounting for 19.40% of total transaction activity. The top five on the volume table were completed by GTCO (11.79%), CHAMS (10.08%), ZENITH BANK (8.70%), and MTNN (7.64%).

As investors began to adjust their portfolios, MTNN grabbed the lead in terms of transaction value, accounting for 67.00% of the total trading book on the local exchange.

SMURFIT headed the advancers’ chart with a 10.00% price increase, followed by CORNERST (8.70%), BUACEMENT (3.60%), FTNCOCOA (3.323%), ZENITH BANK (2.45%), and eight (8) others. T-Bill Yields Fall Due to Strong Demand and Healthy Liquidity

Sixteen stocks fell in price, with SCOA being the biggest loss, falling -9.30% to end at 0.78. CHAMS has lost 8.70% of its market value as a result of today’s negative developments. JAIZBANK fell by 8.42%. MANSARD dropped by 3.68%.

JAPAULGOLD lost 3.57% of its market value today as a result of selloffs, while MTNN lost 3.26% as a result of selloffs, though market sector performance closed positive.

Sectorial performance was upbeat as three out of the five indices closed northward. The NGX Banking index gained 0.64%. NGX Insurance index rose by 0.31% and NGX Industrial popped up by 1.78%.

Meanwhile, the Consumer Goods index and the NGX Oil/Gas index remained unchanged from the previous day. Trading data shows that activity fell as total deals, and volume decreased by 1.47%, and 31.16%, respectively, to 3,285 trades and 163.87 million units. # Selloffs in MTN, Banking Stocks Drag NGX Down

LEAVE A REPLY

Please enter your comment!
Please enter your name here